Eaton (ETN) Q2 FY2026 earnings: revenue $8.5 billion, up 21.4% on the year

Eaton Corp. plc (ETN) reported revenue of $8.5 billion for Q2 FY2026, the quarter ended 30 June 2026, up 21.4% on the same quarter a year earlier. Net income was $821 million, down 16.4% on the year, and diluted earnings per share $2.11. The figures are the company's own, from the 10-Q it filed with the SEC on 31 July 2026.

Revenue

$8.5 billion

+21.4% on the year · +14.5% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

n/a

Q3 FY2024Q2 FY2026

Net income

$821 million

-16.4% on the year · -5.2% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$2.11

-15.9% on the year · -5.0% on the quarter

Q3 FY2024Q2 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 4 raised, 4 lowered, 6 new, 3 kept.

Record sales of $8.5 billion: Second quarter sales were $8.5 billion, up 21% from the second quarter of 2025. The company reported the figure as a record.
Adjusted EPS of $3.15: Adjusted EPS was $3.15, against $2.95 a year earlier. The company reported this as a second quarter record.
Electrical Americas orders up 41%: Electrical Americas twelve-month rolling average orders rose 41% organically, with total backlog at end-June up 33% over June 2025.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	8,531	7,451	7,028	+14.5%	+21.4%
Cost of revenue	5,676	4,799	4,431	+18.3%	+28.1%
Gross profit	2,855	2,652	2,597	+7.7%	+9.9%
Gross margin	33.5%	35.6%	37.0%
Research and development	227	211	192	+7.6%	+18.2%
Selling, general and administrative	1,236	1,269	1,149	-2.6%	+7.6%
Interest expense	201	106	71.0	+89.6%	+183.1%
Pre-tax income	1,144	1,107	1,186	+3.3%	-3.5%
Income tax	321	240	203	+33.8%	+58.1%
Effective tax rate	28.1%	21.7%	17.1%
Net income	821	866	982	-5.2%	-16.4%
Net margin	9.6%	11.6%	14.0%
Diluted EPS	$2.11	$2.22	$2.51	-5.0%	-15.9%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	1,127	507	918	+122.3%	+22.8%
Capital expenditure	253	193	202	+31.1%	+25.2%
Free cash flow	874	314	716	+178.3%	+22.1%
Free cash flow margin	10.2%	4.2%	10.2%
Cash from investing	-286	-11,375	-1,723
Cash from financing	-922	10,796	-453
Depreciation and amortisation	399	272	261	+46.7%	+52.9%
Buybacks	0.0	0.0	692
Dividends paid	443	415	421	+6.7%	+5.2%
Dividend per share	$1.10	$1.10	$1.04	0.0%	+5.8%
Diluted shares, weighted	390m	389m	391m	+0.1%	-0.5%
Shares outstanding at period end	388m	388m	389m	+0.0%	-0.2%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	20,254	19,721	18,606	+2.7%	+8.9%
Non-controlling interest	45.0	44.0	41.0	+2.3%	+9.8%
Debt	20,611	21,129	10,996	-2.5%	+87.4%
Operating lease liabilities	715	704	587	+1.6%	+21.8%
Other liabilities	14,556	13,487	10,277	+7.9%	+41.6%
Total liabilities and equity	56,181	55,085	40,507	+2.0%	+38.7%
Fixed assets	4,702	4,574	4,032	+2.8%	+16.6%
Goodwill	20,229	21,402	15,790	-5.5%	+28.1%
Intangible assets	12,611	11,259	5,227	+12.0%	+141.3%
Investments	212	186	186	+14.0%	+14.0%
Cash and equivalents	483	565	398	-14.5%	+21.4%
Receivables	6,673	6,366	5,486	+4.8%	+21.6%
Inventory	5,417	5,146	4,581	+5.3%	+18.2%
Other assets	5,854	5,587	4,807	+4.8%	+21.8%
Total assets	56,181	55,085	40,507	+2.0%	+38.7%

Questions

What was Eaton's revenue in Q2 FY2026?

Eaton (ETN) reported revenue of $8.5 billion for Q2 FY2026, the quarter ended 30 June 2026, up 21.4% on the same quarter a year earlier.

How much did Eaton earn in Q2 FY2026?

Net income for Q2 FY2026 was $821 million, down 16.4% on the year, and diluted earnings per share $2.11.

When did Eaton report Q2 FY2026 results?

Eaton filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 31 July 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	4,798	4,843	5,212	5,313	5,384	5,483	5,866	5,880	5,967	5,943	6,350	6,345	6,240	6,377	7,028	6,988	7,055	7,451	8,531	8,947
Cost of revenue	3,226	3,269	3,505	3,545	3,546	3,599	3,747	3,684	3,732	3,725	3,940	3,899	3,811	3,930	4,431	4,313	4,457	4,799	5,676	5,842
Gross profit	1,572	1,574	1,707	1,768	1,838	1,884	2,119	2,196	2,235	2,218	2,410	2,446	2,429	2,447	2,597	2,675	2,598	2,652	2,855	3,105
Gross margin	33%	33%	33%	33%	34%	34%	36%	37%	37%	37%	38%	39%	39%	38%	37%	38%	37%	36%	33%	35%
R&D	162	165	168	165	167	179	187	187	201	189	196	207	202	198	192	203	204	211	227	238
SG&A	751	790	828	813	796	904	986	949	956	1,025	1,021	1,028	1,003	1,048	1,149	1,105	1,009	1,269	1,236	1,278
Interest expense	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	29.0	n/a	33.0	71.0	67.0	70.0	106	201	198
Pre-tax income	625	619	720	720	852	762	898	1,079	1,088	1,001	1,195	1,204	1,166	1,177	1,186	1,275	1,294	1,107	1,144	1,370
Tax rate	12%	14%	17%	16%	15%	16%	17%	17%	13%	18%	17%	16%	17%	18%	17%	21%	13%	22%	28%	21%
Net income	551	532	601	607	722	638	744	891	945	821	993	1,009	971	964	982	1,010	1,131	866	821	1,078
Net margin	11%	11%	12%	11%	13%	12%	13%	15%	16%	14%	16%	16%	16%	15%	14%	14%	16%	12%	10%	12%
Diluted EPS	$1.37	$1.33	$1.50	$1.52	$1.80	$1.59	$1.86	$2.22	$2.35	$2.04	$2.48	$2.53	$2.45	$2.45	$2.51	$2.59	$2.91	$2.22	$2.11	$2.77
Operating cash flow	795	42.0	340	965	1,186	335	850	1,141	1,298	475	946	1,309	1,597	238	918	1,351	1,965	507	1,127	1,309
Capital expenditure	163	115	139	135	209	126	160	228	243	183	187	183	255	147	202	178	392	193	253	275
Free cash flow	632	-73.0	201	830	977	209	690	913	1,055	292	759	1,126	1,342	91.0	716	1,173	1,573	314	874	1,034
Buybacks	0.0	86.0	100	100	0.0	0.0	0.0	0.0	0.0	138	600	877	877	615	692	362	193	0.0	0.0	0.0
Dividends paid	303	320	334	323	322	334	358	343	344	368	388	374	370	397	421	404	404	415	443	427
Shares outstanding	399m	399m	398m	398m	398m	399m	399m	399m	399m	400m	398m	395m	393m	391m	389m	388m	388m	388m	388m	388m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 June 2026, filed 31 July 2026: the filing.